Large Holders of PEPE Sell Off Significant Portions of Holdings, On-Chain Data Indicates Potential Rally

The recent sell-off of significant portions of Pepe (PEPE) holdings by large holders has raised concerns in the market. On-chain data revealed that the memecoin was undervalued and could potentially rally after the event.

Despite the upcoming launch of the Spot Ethereum (ETH) ETF being considered bullish by many investors, it seems that PEPE holders have a different perspective. Analysis of addresses by holdings data showed a double-digit decline in addresses holding tokens worth $100,000 to $10 million, indicating that they have been selling off their assets in the last 30 days.

PEPE, being the top memecoin on the Ethereum blockchain, was expected to show bullish cues similar to the rest of the market. However, the recent sell-off has raised questions about the future performance of the token.

At the time of writing, PEPE’s price was $0.0000087, down 49.27% from its all-time high in May. Despite the bearish signs, the Market Value to Realized Value (MVRV) ratio indicated that the token could be undervalued relative to its current market conditions.

Analysts believe that if buying pressure intensifies, PEPE could see a price rally and potentially revisit its May highs. Donny Dicey, an analyst, suggested that the Ethereum ETF launch could bring hype back to the market and potentially push PEPE’s market cap higher.

While the future performance of PEPE remains uncertain, the sell-off by large holders and the undervaluation of the token suggest that there could be potential for a price rally in the near future. Investors will be closely watching how PEPE reacts to the Ethereum ETF launch and whether it can regain momentum in the market.